Tel Aviv in Israel is the most expensive city in the world. According to the latest report by the Economist Intelligence Unit (EIU), Tel Aviv has topped the list in terms of cost of living. The Israeli city overtook the French capital, Paris. Paris is currently in second place with Singapore. Last year, Paris and Zurich topped the list.
Tel Aviv topped the list for the first time, thanks to the strength of the Israeli currency, the shekel, against the dollar and the high cost of products and transportation. Zurich, Hong Kong, New York, Geneva, Copenhagen, Los Angeles and Osaka are the other countries that have made it to the top of the Cost of Living Index.
The list is based on the US dollar and the prices of goods and services in 173 countries. The Syrian capital, Damascus, is the world’s cheapest city. Damascus retained its position last year. The EIU estimates that the price of goods and services in all cities rose by 3.5 per cent in local currencies over the previous year.